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Schedule shop issues new set of leasing terms

By Jason Miller

Apr 26, 2002

The General Services Administration's Federal Supply Service last week submitted final IT leasing terms to vendors for approval. Contractors have until May 3 to either sign the new terms or negotiate changes.

Earlier this month, GSA suspended new IT leasing orders for 60 days after it failed to reach an agreement with vendors and industry associations about changes to leasing agreements.

The new terms outline three choices for contractors and agencies: lease to own, lease with an option to own and step leases.

Under a step lease, a new option, terms are renegotiated every year, and the price decreases with each subsequent contract.

Once GSA approves a vendor's terms, it will lift the moratorium for that contractor, GSA spokeswoman Deborah Ruiz said.